I sold 3 pieces of equipment in 2019. Two are fully depreciated, and one is not. I received about two thirds of the money for the equipment in 2019. How should I report the sale of the equipment for 2019. I would like to shift some the capital gains to 2020 if possible.
You could report the sale of your business equipment as an Installment Sale, with payments in 2019 and 2020 reported as Capital Gains.
- Click on Federal Taxes
- Click on Wages and Income
- Click on I'll choose what I work on
- Under Business Items
- On Sale of Business Property, click the start or update button
On the next screen check the box for installment sales and Continue.
Click this link for detailed info on Installment Sales.
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Go through the "assets" for those items and indicate they were sold.
The entire gain of the fully depreciated assets will be depreciation recapture (and most or all of the third asset too). As such, that is fully taxable this year, and can not be reported as an Installment sale.